Postmodernism does bear significant responsibility.

There is always some sort of self perpetuating elite, though in liberal democracies we are hoping for quite a bit of elite churn, not always achieved.

In the long post WWII peace the elites started writing themselves licenses to misbehave.

Much of this self licensing involves wealth extraction via dubious business practices.

There are also cultural licenses written such as postmodernism that allows professors to amuse themselves with an a-factual a-historical approach.

This gives the professor more power, you don't want some pesky student to come up with facts that challenge your ideology, postmodernism removes pesky facts allowing you to bask in your power.